What is Shiba Inu? Explained with Animations
Not many people know much about the history of the SHIBA INUShiba Inu (shib)13$ 0.000037-0.26%0.81%-13.92%details coin, other than it is a meme coin with a strong affiliation to the popular billionaire investor and owner of Tesla, Elon Musk.
The rise of the Shiba Inu coin started earlier this year when the crypto market experienced one of the most bullish runs in its history. However, the run came to an end, and many coins, including Shiba Inu, retracted back to steady price growth.
Recently, the price of the Shiba Inu coin has surged exponentially, creating an increased level of attraction to the coin. In today’s video, we will be explaining the Shiba Inu coin — its affiliation to Elon Musk, market capitalization, and tokenomics.
Shiba Inu is an ERC-20 token
An ERC20 token is a standard used for creating and issuing smart contracts on the Ethereum blockchain.Learn more created in August 2020 on the EthereumEthereum (eth)2$ 4,291.72-0.73%-0.18%-5.45%details blocking network by an anonymous person known only by the name of Ryoshi.
Shiba Inu coin is a decentralized meme token growing into a vibrant ecosystem. According to the token’s whitepaper, the coin intends to create an ecosystem that consists of three tokens with different supplies. Unbeknownst to many, SHIB is the ecosystem’s foundational currency and not a quick way of pronouncing Shiba Inu. SHIB has a max supply of one quadrillion. The second token created out of Shiba Inu is LEASH which has a supply of 107,646 tokens, and the third is BONE, with a supply of 250,000,000 tokens.
The Shiba Inu token project team also created a decentralized exchange known as ShibaSwap, which allows users to stake coins, provide liquidity, swap coins, and retrieve tokens from Uniswap or Sushiswap. Shiba Inu’s exchange platform is similar to others found on the Ethereum network, such as Uniswap or Sushiswap. First, let’s explain the meaning of a decentralized exchange. A decentralized exchange is a protocol that allows the exchange of assets without directly holding the assets of the user.